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A credit report is a comprehensive document that details an individual’s or corporate’s borrowing history and repayment record. It provides potential lenders with a detailed picture of an individual (or company’s) credit-worthiness based on past and current credit behavior. It allows lenders to have quick access to accurate information when they receive new applications for credit, and allows them to make a faster and transparent lending decision.

Additional Reading: Know Your CIBIL™ Score

A credit report is issued by 4 authorized credit bureaus in India which are CIBIL™, Equifax, CRIF High Mark and Experian. Credit bureaus including CIBIL™ collects and maintains records of the credit-related transactions of individuals as reported by their lenders (whether banks, NBFCs or credit card companies). This information could include details of all loan and credit card repayments including any late or missed payments; details of enquires made by lenders on loan or credit card applications made in the past; all current loans and credit cards; total credit limit; and other such credit-related information.

A credit report is a single unified document that covers your credit history across different lenders over a significant period of time. Your credit report would include the following details:

  • Personal information like name, age, gender and address
  • Employment details and income
  • Number of hard enquiries made by potential lenders on receipt of your loan/credit card application
  • Information on past and current loans along with your payment record
  • Any defaults on loan
  • Any ‘Settled’ loans
  • Total credit limit and the amount spent monthly (Credit Utilisation Ratio)
  • Any credit card payment defaults
  • Credit score – an important component of your credit profile that gives potential lenders a quick idea of your credit worthiness.

FAQs

1. CIBIL™ or Equifax? Which is better?

Each credit bureau, whether CIBIL™ or Equifax has its own advantages. For instance, CIBIL™ provides a detailed credit report and has a huge network of clients, partner banks, and financial institutions when compared to Equifax. Equifax on the other hand not only offers a descriptive report but also provides a pictorial representation of the credit report which is easier to comprehend. Thus, you cannot actually say which is better since both of them have their share of benefits.

2. Is CIBIL™ score the same as Experian?

There are 4 credit bureaus in India namely Experian, Transunion CIBIL™, Equifax, and CRIF Highmark. Each of these 4 credit bureaus generates a credit score. So, a CIBIL™ score is the one generated by CIBIL™ and Experian score is the one generated by Experian. Both CIBIL™ and Experian have their own benefits. However, in India, the CIBIL™ credit score has an edge over Experian’s since nearly 90% of Indian banks and financial institutions have tied it with CIBIL™.

3. What is a good CIBIL™ score?

A good CIBIL™ score is a score in the range of 700 and 900. A good CIBIL™ score has many benefits such as speedy approval, low-interest rates on the credit facility, a reduced loan amount, a longer repayment tenure, and more.

4. How do I read my CIBIL™ report?

Your CIBIL™ score is based on your credit behaviour as seen in the ‘Accounts and Enquiries’ section of your credit information report. This score ranges between 300 and 900. A score above 700 is generally considered good. Monthly or annual income details are as reported by the members - banks and financial institutions.

5. What is contained in a CIBIL™ report?

A CIBIL™ report contains detailed information on your credit history like home loans, overdraft facilities, car loans, credit cards, personal loans etc. It will furnish details about your repayment history of the credit borrowed over time.

Disclaimer

The 4 credit bureaus- CIBIL™, Equifax, Experian, and CRIF Highmark offer credit scores in India. The points mentioned above are true for credit scores from any bureau, not just CIBIL™.

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